Working through Mosaic Development Partners in conjunction with Frankford Community Development Corporation, ESI conducted a market analysis study for a proposed mixed-income, mixed-use development near the Frankford Transportation Center in Philadelphia to include 134 apartments as well as a street level commercial space for a grocery store and a public health center.
This market study analyzes the current market conditions for the proposed residential units and reasonableness of the commercial tenanting program and asking. This report also analyzes the neighborhood characteristics, economic and demographic trends, employment, and natural amenities for the area surrounding the proposed development.
ESI found that the market area is growing in terms of population, jobs, and diversity of residents, although home values and rents are lower than other comparable neighborhoods in Philadelphia. Additionally, there has been limited new development in the market area for many years indicating limited market opportunities for increasing the supply of quality housing, especially near a transit hub. The proposed mixed-use development would help being much needed investment to the community, while increasing opportunities for transit ridership.
This study found that the proposed apartments are in demand and the proposed rental rates will meet the affordability levels of area households. This report also found that the commercial space has a competitive cost per square foot in a location with few direct grocery competitors.